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it's Chris from Mulan and today I'm going to talk about the oversold condition we have in the QQQ which is generating a potential Buy Signal for short-term Traders and what could spark the next leg higher uh this is obviously going to help push our accounts to new all-time highs which we keep hitting with our trading signals and our our investing accounts I'm going to touch on some underlying trends that you need to be aware of and of course the bottom potentially forming in the bond market and last but not least we got the energy space and oil poised and ready for another push higher and uh I'll provide those targets there so if you're not subscribed to my YouTube channel make sure you click the Subscribe button click the Bell so you're notified I post these updates every now and then to help keep you informed it's Thursday June 27th uh yesterday was a pretty big day not so much in the markets but uh my little baby girl graduated from uh school and now she's going to high school next year into grade nine pretty big graduation night for her and party and uh uh I was kind of a grown man who almost kind of cried last night I teared up but uh it's pretty pretty amazing watching our kids grow up and how fast time flies but um anyways let's take a look at the markets markets are holding tight if we look at the SP 500 flagging out here holding around the 5day moving average which is a great sign uh if we get any traction here um the Market's ready to pop and rally and have another move up based on my tech technicals and cycles and things like that behind the scenes that we can't really just see from the charts uh the markets are like a day away from potentially generating uh another trigger in terms of another momentum leg to the upside so we're super close to having a very strong move again in this market it's primed and ready uh we just got to see if the market is going to do that obviously the underlying Trend the long-term trend is up uh the short-term trend is up uh but holding tight here but we're about to trigger and probably see another wave of money wanting to move back into this market and that's going to push obviously the SP 500 higher if we look at the QQQ uh we're we're going to see this have another leg up as well so overall markets are primed and ready if we look at the QQQ we can actually see um it's it's gone through its waves it had a a pullback it got oversold which is lime green uh we had a nice big rally up it's had a pullback it got oversold it went lime green it's starting to move up and if we zoom in on the 30- minute chart uh we are kind of testing right here at this resistance area which is right through the heart of this oscillation so we have price chopping around through here if you were to take the average price that is the average price through there and that's why it keeps every time it gets up there the average Trader who got in here and held through here and panicked is now saying get me out at break even and that's sellers keep coming in and unloading shares and holding it down there but it uh it's it's looks like it's wanting to poke and pop through there and have another push back to the upside uh short-term momentum shows that if it pops here we can go right back up to uh about 485 which brings us right into the middle of this uh this other noise right through the middle of this here uh so if we were to just draw that you can see the average price through here as well is going to be right there so there's some good potential upside for this Market to pop and any day uh from where it closed yesterday that is about a percent pop nothing huge but uh it would definitely I think get people piling back into the market and um uh could spark that next rally of course the QQQ won't be hitting new Highs but the sp500 will most likely be hitting new highs because it is flagging in a very tight pattern a 1% or 3/4% move should poke it to New highs and of course that'll be pushing our our trading accounts up uh as well which will be nice to see uh if we take a look at where money is Flowing today stocks are down a little bit little bit of a breather um bonds definitely pulled back yesterday uh they're down over a percent 1.4% yesterday in the grand scheme of things they are I feel like this is a major bottoming pattern unfolding but it could still take a year or so to unfold just it doesn't mean it's close to a bottom to me it doesn't mean it's a buying opportunity it just means the way everything is moving and the way the volume is Flowing um again and the fact that we've had this huge movement in volume telling us that everybody is trying to front run and pick the bottom and bonds to me is a way that saying that hey this probably going to take a lot longer than you think if everybody's doing it it's probably not going to happen um it's going to drag out we could still see lower lows on TLT and if we don't the market has a way of of if it doesn't shake you out with lower lows it will weight you out so it could be dead money for another year and that is a long time to just buy and hold something hope it's going to go up and and trying to pick a bottom which is dangerous in the first place uh so it'll be interesting to see how this goes eventually this uh will Flatline long enough that the trend will eventually I think start to turn up here and it could be an opportunity for us down the road U bonds did get oversold yesterday big gap down in bonds and uh they've got the green indicating that we could see it pop back up but just looking at the bond market you can really see it keeps having these gaps it gaps lower it gaped lower it opened here uh higher and then sold down uh so it has definitely got something going on here yesterday it broke out of that and had a big gap to the downside very similar to over here so maybe the same thing's going to happen maybe it's going to continue to fade uh lower and um or sideways from here and stair step its way down but uh overall nothing too exciting there if we look over at crude crude is continuing to hold up it does have a pretty nice looking chart pattern it rallied had a tight bull flag pattern busted through the 50-day and through resistance through here which is through the more or less the heart the middle of this range is where it took that pause uh now it's consolidating right here and it looks like it's primed and ready to push up to potentially 86 uh 87 um which will bring us back up to these highs could even push higher than that and that um could be one of the reasons why we've seen energy stocks have a really nice push in the last few days we've seen a couple big big uh up dayss and then a pause day uh so we could start to see this uh come life um going forward there was a dividend paid out on XLE uh dropping it um 72 cents so um this is actually this chart would be actually higher if we didn't take the dividends out out of the price so we are seeing energy stocks really moving up fairly nicely here the dividends just knocked the price down so it looks more contained but it is moving up uh fairly nicely and in the grand scheme of things when we look at dividend or uh energy stocks we are in like with all-time highs again right back in here and typically we do see energy stocks do very well just before we go into a financial crisis um so another blowoff phase of poke to a new high and then it could could get wiped out after that because there is really not much safety in a bare market and if reset which is which is fine we move to different assets uh when everything's uh when the stock market is collapsing anyways that's it for this morning bye-bye
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